Senior Secured Debt, Secured Debt and Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2016

Debt Instrument [Line Items]

Inputs to Lattice Model used to Value Term Loan and 2017 Notes for which Fair Value Option was Elected

The following table sets forth the inputs to the lattice model that were used to value the 2017 Notes for which the fair value option was elected.  

	December 31,
	2016			2015
Stock price	$	3.40		$	12.40
Conversion Rate per $1,000		2.90			2.90
Conversion Price	$	344.83		$	344.83
Maturity date (1)	March 15, 2017			March 15, 2017
Risk-free interest rate		0.49	%		0.74	%
Estimated stock volatility		80.0	%		140.0	%
Estimated credit spread		20.0	%		30.0	%

(1) The 2017 Notes were valued as of December 31, 2016, and used assumptions that existed at that time. The impact of our 2017 Notes Extension Transaction with the 2017 Notes holders (see Note 19 Subsequent Events) on certain key features, including extension of the maturity date to June 23, 2017 was not included in the assumptions used to value the 2017 Notes.

Information Pertaining to Convertible Notes

The following table sets forth information pertaining to the 2017 Notes which is included in the Company’s consolidated balance sheets (in thousands).

	Principal Amount of 2017 Notes		Change in Estimated Fair Value			Total
Balance - December 31, 2015	$	26,108	$	(4,543	)	$	21,565
Loss from change in fair value of debt		-	$	4,204			4,204
Balance - December 31, 2016	$	26,108	$	(339	)		25,769

Changes in certain inputs into the lattice model can have a significant impact on changes in the estimated fair value of the 2017 Notes. For example, the estimated fair value will generally decrease with: (1) a decline in the stock price; (2) decreases in the estimated stock volatility; and (3) a decrease in the estimated credit spread. The change in the estimated fair value of the 2017 Notes during the year ended December 31, 2016, represents an unrealized loss which has been recorded as a loss from change in fair value of 2017 Notes in the consolidated statements of operations.

Secured Debt Included in Consolidated Balance Sheets

The following table sets forth information pertaining to the Company’s secured debt issued to TriplePoint which is included in the Company’s consolidated balance sheets (in thousands).  

	December 31,
	2016		2015
Secured debt
TriplePoint - May 2014 Advance	$	-	$	504
Total secured debt		-		504
Less:
Unamortized debt discounts and issue costs		-		(21	)
		-		483
Less current portion of debt		-		(330	)
Long-term portion of debt	$	-	$	153

Debt discounts associated with the issuance of the Company’s secured debt and convertible notes are recorded on the consolidated balance sheets as a reduction to related debt balances. The Company amortizes debt discount to interest expense over the term of the debt or expected life of the debt using the effective interest method. The unamortized debt discount at December 31, 2015 comprised a $17.0 current portion and $2.0 long-term portion. Unamortized debt issue costs totaled $2.0 (see Note 2 for more information).

Obligations by Year Relating to Convertible Notes

The following sets forth the Company’s obligations to repay principal by year relating to the Convertible Notes at December 31, 2016 (in thousands).

	Amount
2017	$	26,108
2018		-
2019		-
2020		-
2021		-
Thereafter		9,575
Total	$	35,683

2022 Notes

Debt Instrument [Line Items]

Information Pertaining to Convertible Notes

The following table sets forth information pertaining to the 2022 Notes which is included in the Company’s consolidated balance sheets (in thousands).  Refer to Note 19 Subsequent Events, for additional information.

	Principal Amount of 2022 Notes			Debt Discount			Debt Issue Costs			Total
Balance - December 31, 2015	$	22,400		$	(7,764	)	$	(295	)	$	14,341
Amortization of debt discount		-			4,026			-			4,026
Amortization of debt issue costs		-			-			156			156
Exchange of 2022 Notes	$	(12,825	)		-			-			(12,825	)
Write-off of debt discount and debt issue costs associated with    extinguishment of debt		-			2,431			92			2,523
Balance - December 31, 2016	$	9,575		$	(1,307	)	$	(47	)	$	8,221